It expects to offer a fund investing in insured bonds shortly.

The insured bonds are rated triple A by both rating services.

Usually the difference between insured and uninsured bonds is about 1 1/4 percentage points.

The insured bonds went well, while investors picked up the long maturities.

The state has financed it by selling $382 million in insured bonds.

Still, an insured municipal bond due in 2020 can be had at a 5.10 percent yield.

The maximum yield on the insured bonds is expected to be around 6.80 percent, dealers said.

Other insured bonds due in 2004 through 2007 were unchanged at 8.20 percent.

The maximum yield on insured bonds, by contrast, was 6.59 percent.

"But investors don't give up that much yield any more" when they buy insured bonds, he said.